Park Avenue Securities LLC Boosts Holdings in M&T Bank Co. (NYSE:MTB)

Park Avenue Securities LLC increased its stake in shares of M&T Bank Co. (NYSE:MTB) by 7.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 2,041 shares of the financial services provider’s stock after buying an additional 144 shares during the quarter. Park Avenue Securities LLC’s holdings in M&T Bank were worth $347,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MTB. FMR LLC boosted its position in M&T Bank by 12.5% during the first quarter. FMR LLC now owns 6,691,210 shares of the financial services provider’s stock worth $1,050,653,000 after purchasing an additional 744,208 shares during the period. PNC Financial Services Group Inc. boosted its position in M&T Bank by 404.6% during the first quarter. PNC Financial Services Group Inc. now owns 841,781 shares of the financial services provider’s stock worth $132,174,000 after purchasing an additional 674,968 shares during the period. Hexavest Inc. bought a new position in M&T Bank during the second quarter worth about $35,588,000. BTIM Corp. boosted its position in M&T Bank by 169.2% during the first quarter. BTIM Corp. now owns 209,640 shares of the financial services provider’s stock worth $32,918,000 after purchasing an additional 131,773 shares during the period. Finally, Acadian Asset Management LLC boosted its position in M&T Bank by 2,877.9% during the first quarter. Acadian Asset Management LLC now owns 121,737 shares of the financial services provider’s stock worth $19,118,000 after purchasing an additional 117,649 shares during the period. Institutional investors and hedge funds own 81.45% of the company’s stock.

A number of equities analysts have weighed in on MTB shares. Wedbush increased their target price on shares of M&T Bank from $150.00 to $155.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. UBS Group cut their target price on shares of M&T Bank from $176.00 to $172.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. JPMorgan Chase & Co. increased their target price on shares of M&T Bank from $173.00 to $174.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Macquarie set a $158.00 target price on shares of M&T Bank and gave the stock a “sell” rating in a research report on Friday, July 19th. Finally, Citigroup set a $155.00 target price on shares of M&T Bank and gave the stock a “sell” rating in a research report on Friday, July 19th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $176.77.

Shares of MTB stock traded down $5.44 during trading hours on Wednesday, reaching $149.32. The stock had a trading volume of 431,993 shares, compared to its average volume of 844,833. The stock has a fifty day simple moving average of $166.70. The company has a quick ratio of 1.06, a current ratio of 1.01 and a debt-to-equity ratio of 0.53. M&T Bank Co. has a 12 month low of $133.78 and a 12 month high of $180.77. The firm has a market capitalization of $21.53 billion, a price-to-earnings ratio of 11.61, a PEG ratio of 2.20 and a beta of 1.05.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.34 EPS for the quarter, missing analysts’ consensus estimates of $3.70 by ($0.36). M&T Bank had a net margin of 29.81% and a return on equity of 14.26%. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the business posted $3.26 earnings per share. As a group, equities analysts expect that M&T Bank Co. will post 13.89 EPS for the current fiscal year.

In related news, EVP William J. Farrell II sold 3,070 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $163.82, for a total value of $502,927.40. Following the sale, the executive vice president now directly owns 10,774 shares of the company’s stock, valued at $1,764,996.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Doris P. Meister sold 460 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $160.29, for a total transaction of $73,733.40. Following the completion of the sale, the insider now directly owns 1,553 shares in the company, valued at $248,930.37. The disclosure for this sale can be found here. Insiders sold 5,371 shares of company stock valued at $876,652 over the last 90 days. 0.54% of the stock is owned by company insiders.

M&T Bank Profile

M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.

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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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